Zomato, a major player in the foodtech industry saw its consolidated profit after tax (PAT) surge by 26.8% to INR 175 Cr in the fourth quarter (Q4) of the fiscal year 2023-24 (FY24), up from INR 138 Cr in the previous quarter.
The company had reported a net loss of INR 187.6 Cr in the same quarter of the previous fiscal.
Q4 was the company’s fourth consecutive profitable quarter. Zomato reported a total profit of INR 36 crore in Q2 FY24 and INR 2 crore in Q1.
Continue Exploring: ICICI Securities raises Zomato’s price target to INR 300, citing strong growth and profitability metrics
In FY24, Zomato achieved a profit after tax (PAT) of INR 351 Cr, a significant turnaround from the INR 971 Cr loss reported in FY23.
Zomato saw a surge in operating revenue, reaching INR 3,562 Cr in Q4 FY24, up from INR 3,288 Cr in Q3 FY24. This marked a 73% increase compared to the operating revenue of INR 2,056 Cr reported in Q4 FY23.
Additionally, the company announced that its quick-commerce vertical, Blinkit, achieved positive adjusted EBITDA in March 2024.
Continue Exploring: Zomato raises platform fee to INR 5, temporarily halts intercity delivery service
